Housing Finance Bank , National Social Security Fund (NSSF) and ABC (Agent Banking Company) have announced a partnership that enables social security collections through agency banking.
The partnership means that NSSF members will now be able to submit their social security contributions through Housing Finance Bank agents in their neighbourhood.
Speaking during the launch, Michael Mugabi, the Housing Finance Bank Managing Director explained that the service will bring convenience to the Fund’s members whilst giving the bank an opportunity to expand the financial services offered through its agency banking platform.
“Given the prevailing circumstance, just like any other business, we have had to be fluid and deliberate in the way we innovate our service offerings. We are cognisant of the fact that customers are now more than ever keen on convenience – they want to make transactions right at the comfort of their homes or offices,” Mugabi said.
He added: “Our agent banking platform gives our customers the convenience of making various financial transactions in the comfort of their neighborhoods. The partnership launched today means that our customers will now also be able to conveniently save for their retirement through any of our 335 Agent Banking locations countrywide.
Patrick Ayota, the NSSF deputy managing director said that the partnership offers NSSF members more options to remit their social security obligations.
In addition, the service is expected to reduce the Fund’s operation and administrative costs especially in establishment of temporary service centres where it doesn’t have footprint.
“We have in the past, set up temporary outreach centers at shs30m per month. With the agency network, the cost to serve members reduces by 25%, thereby unlocking more value to our members.” Ayota said.
Under the partnership, the Agent Banking Company (ABC) Limited, will provide the technology that links all bank agents countrywide.
Richard Yego, the ABC chief executive officer said that the service ultimately supports bank agents to earn more from their businesses. He also assured NSSF members of the safety of their data while using the service at any bank agent location.
In addition to the NSSF contributions collection service, the Housing Finance Bank Agent Banking platform enables customers to make cash withdrawals, deposits, inquiries for balances/mini statements, bill payments and card-less cash out, funds transfer, school fees and tuition payments, among others.